US stocks fell on Thursday amid a deteriorating macroeconomic backdrop and fresh AI doubt on the latest earnings reports.
The S&P 500 and the Dow lost around 0.8%, while the Nasdaq 100 lost nearly 2%.
Alphabet dropped 6% after posting its Q2 results overnight.
The Google parent raised its capital expenditure forecast to $205 billion this, double of last year, to reignite concerns of unsustainable spending in AI infrastructure.
Meanwhile, Tesla slipped 10% after reporting lower profits despite a strong period for the overall electric vehicle sector.
Meta and Amazon followed both companies by losing more than 3% each.
Higher fuel prices lifted yields on greater escalation between Iran and the US, driving markets to position for a rate hike by this quarter.
This was consolidated by initial jobless claims falling to six-decade lows.
Financials remained under pressure with capital markets firms down.
Among other earnings, Comcast and RTX were both higher topping their estimates.